vest

Garment for the upper body, usually sleeveless, extending to near the waist

A waistcoat in BrE, or vest in AmE, is a sleeveless upper-body garment. It is usually worn over a dress shirt and necktie and below a coat as a part of most men's formal wear. It is also sported as the third piece in the traditional three-piece male suit. Any given vest can be simple or ornate, or for leisure or luxury. Historically, the vest can be worn either in the place of or underneath a larger coat dependent upon the weather, wearer, and setting.

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